Wells Fargo — the third-largest US bank with $2 trillion in assets — will pay a $575 million settlement after admitting that it systematically scammed its own customers for 15 years. Ironically, the fine comes just months after the banking giant dismissed bitcoin as too risky an investment.
Pursuant to a nationwide federal investigation, Wells Fargo admitted that its employees opened more than 3.5 million sham, unauthorized bank and credit card accounts in customers’ names between 2002 and 2017.
The bank then illegally charged its clients for various financial services products they never signed up for, such as life-insurance policies and collateral protection insurance on millions of auto loans.
Employees claimed they engaged in this widespread fraud because were afraid to lose their jobs if they didn’t meet Wells Fargo’s aggressive sales goals.
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